This is unbelievable...these publicly traded corporations are now going to be bailed out by the Feds.

This makes 3....Bear Sterns was the first. Did you see how much money the CEO's of these companies got in compenstation last year?

Millions of people have lost their homes with no help in sight...this is corporate welfare.

Things will return to the standards of 30-40 years ago. That is, lending requirements will be stricter, down payments will be higher, and rates will go back to a more "normal" 7-8% during times of low inflation. Fewer people will be able to qualify for mortgages which, based upon what we've seen in the past few years, is a good thing. This will eventually result in a better balanced supply and demand situation than we're currently seeing, but there will be more homes for sale than buyers with mortgages to buy them. Home prices will bottom out and then return to a more reasonable rate of increase that is more in line with affordability.

And, of course, those in Washington will be around to help the next bunch of crooks who stumble upon a new Ponzi scheme.

I cant take credit for the below post but found it interesting to read...

During the Enron collapse of 2002, the public and the media were persuaded that Enron was somehow a Republican scandal, based on little more than senior management's history of contributions to the Republican party.

The ties between the Fannie Mae debacle and the Democratic party are much more intimate than that. Senior Democrats chosen for their political connections - James Johnson, Franklin Raines, Jamie Gorelick - took tens of millions of dollars in compensation out of the company. The ties between the Obama campaign and Fannie Mae are especially intimate: not only did Johnson head Obama's veep-vetting operation, but we learn in this Washington Post article that the campaign that Raines is advising Obama on the mortgage crisis! Well, he should know. Let's just hope the Obama operation is able to keep Raines away from the accounting side of things. Even the amazing Obama fundraising operation could not afford that!

More seriously: Here is potentially the largest financial disaster in American history. The American taxpayer stands to lose billions; Democratic insiders have extracted tens of millions. If Enron was a party scandal ... what is this?

Comments on this ??

Phil Gramm was one of five co-sponsors of the Commodity Futures Modernization Act of 2000. One provision of the bill was referred to as the "Enron loophole" because the House Agriculture Committee drafted it and it was later applied to Enron. Some critics blame the provision for permitting the Enron scandal to occur. At the time, Gramm's wife was on Enron's board of directors. Later in his Senate career, Gramm spearheaded efforts to pass banking reform laws, including the landmark Gramm-Leach-Bliley Act in 1999, which served to reduce government regulations in existence since the Great Depression separating banking, insurance and brokerage activities. Years later, critics of Gramm point out that this same legislation may have been pivotal in encouraging the corporate practices that led to the 2008 mortgage crises in America. Between 1995 and 2000 Gramm, who was the chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, received $1,000,914 in campaign contributions from the Securities & Investment industry. Later, as lobbyist for Swiss bank UBS, Gramm pressured congress to ease it's restrictions on predatory lending tactics by mortgage brokers. For his efforts, Gramm received $750,000 from UBS in during a one year period starting in 2007. He was John McCain’s presidential campaign co-chair and his most senior economic adviser from summer 2007 to July 18, 2008. While advising the McCain campaign, Gramm was being paid by UBS to lobby Congress about the U.S. mortgage crisis. During this time, "the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages." Gramm had input on McCain's March 26, 2008 policy speech on the mortgage crisis. In a July 9, 2008 interview explaining McCain's plans in reforming the U.S. economy, Gramm downplayed the idea that the nation was in a recession, stating, "You've heard of mental depression; this is a mental recession," and "We have sort of become a nation of whiners, you just hear this constant whining, complaining about a loss of competitiveness, America in decline."

The Republicans are responsible for this economy and the middle east war(s). The Republicans are not the party of change. The disaster of the last eight years cannot be blamed on Clinton or the current Congress. You have fooled all of the people some of the time and some of the people all the time. Now is the time to stop the spin.

JUNGLEJIM....link please
Thanks

Bucco
Do some of your own research. Exercise your mind and think a little.

OkJim....I just try and add a link to anything I post so that other posters can make a reasonable decision on its accuracy and slant, thats all.

If you dont wish to do so, it is up to you !

Bucco
The only way you will accept a post from anyone as valid will be if they say God told me to write this!

Bucco
The only way you will accept a post from anyone as valid will be if they say God told me to write this!
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Easy Jim...if you dont want to show your link when you cut and paste from a site so folks can measure it in context or for accuracy it is entirely up to you.

Heck I am sure I am not done it all the time...just posted in here and my only id on it was that I can not take credit for it...it was a post on another board I subscribe to and I foundit interesting so I brought it here and asked for comments.

Hey, you can do whatever you want..it does help your credibility in my opinion to allow folks your source however !

Bucco, You can link all day long. Just because "something" is on the internet doesn't make "something" true. Even reputable sites get it wrong on occasion. I like to see the words coming out of the candidates mouths. So link all day long. Much of it is crap.

Gee, if Enron is somehow relevant to Freddie Mac, might as well bring in the S&L bailout of the 80's. Cost taxpayers around $160 billion and right in the middle were the Keating 5 ( think John McCain) and of course, the infamous famous brother Neal Bush (Silverado S&L which got Neal banned from banking), who, after numerous fun times with Thai prostitutes, now makes money milking the government by selling an alleged "educational learning program" tied into the No Child Left Behind program.

http://www.nytimes.com/2007/11/07/wa...on/07neil.html

Tried hard to find a link to Faux News to add "credilbility" but just couldn't do it???

Bucco, seriously, is there anything you don't want to blame on Senator Obama?

Here's a link for you from your fav VP Nominee

http://blogs.abcnews.com/politicalpu...using-com.html

Bucco, seriously, is there anything you don't want to blame on Senator Obama?

Here's a link for you from your fav VP Nominee

http://blogs.abcnews.com/politicalpu...using-com.html
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I am on the record as saying very clearly that I do not agree with Sen McCain on a lot of things and that he was not my first choice. My criticism of Sen Obama has pretty much been along the lines of his background which I think is important. The post on this thread as I said was a post I thought was an interesting take and was asking for comments.

Bucco, You can link all day long. Just because "something" is on the internet doesn't make "something" true. Even reputable sites get it wrong on occasion. I like to see the words coming out of the candidates mouths. So link all day long. Much of it is
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Does that apply to ALL topics ?

A pretty comprehensive piece on the Fannie Mae situation from NPR !!!

http://www.npr.org/templates/story/s...oryId=94393089